First-Time Homebuyer's Guide for Bucks County, PA

First-Time Homebuyer's Guide for Bucks County, PA

Buying your first home in Bucks County, PA can be an exciting yet challenging experience. This guide will help you navigate the process, highlighting key considerations and often-overlooked aspects.

Understanding the Market

Bucks County's real estate market is experiencing moderate growth in 2025, with the average home value at $483,059, up 4.9% over the past year The median home price has reached $500,000, an 11.2% increase from the previous year. This market is attracting attention from high-net-worth buyers, including celebrities, due to its space, luxury, and lifestyle appeal.

Financial Preparation

Budget wisely: Consider that the median sale price in Bucks County was $467,833 as of November 2024.

Explore assistance programs:

Bucks County First-Time Homebuyer Program: Offers up to $10,000 for closing costs and/or down payment assistance.

The First's First-Time Homebuyer Program: Allows qualified buyers to purchase a home with as little as 5% down.

Consider hidden costs:
Property taxes
Homeowners insurance
Utilities
Maintenance and repairs

Neighborhood Selection

Bucks County offers a variety of attractive areas for first-time buyers, including:
Doylestown: County seat with a charming downtown
New Hope: Artistic community with a vibrant atmosphere
Yardley: Quaint borough with excellent schools

The Home Search Process

Get pre-approved for a mortgage before house hunting. Work with a local real estate agent who understands Bucks County's market trends.
Be prepared for competition: homes are going pending in around 10 days3.

Often Overlooked Considerations

Future development plans: Research upcoming projects that could affect property values.
Commute times: Test your potential commute during rush hour, especially if working in Philadelphia or New York.
Flood zones: Check if the property is in a flood-prone area, as Bucks County has several rivers and streams.
School districts: Even if you don't have children, good schools can affect property values.
Historical significance: Many properties in Bucks County have historical value, which may come with specific maintenance requirements.
Zoning regulations: Understand local zoning laws, especially if you're interested in properties with acreage.
Well and septic systems: Some rural properties may not be connected to municipal water and sewer.
Property taxes: Rates can vary significantly between townships in Bucks County.

Navigating the Process

Complete a housing counseling program: Required for the Bucks County First-Time Homebuyer Program.
Review income limits: For the county's assistance program, income limits range from $73,800 for a single person to $139,200 for an 8-person household.
Be prepared for a competitive market: 44.8% of sales were over list price as of November 2024.
Consider the long-term implications: The county's assistance is provided as a no-interest deferred mortgage, repayable when the home is sold, transferred, or refinanced for additional debt.

By following this guide and working with experienced professionals, you'll be well-prepared to make informed decisions as a first-time homebuyer in Bucks County, PA. Remember, thorough research and careful consideration of often-overlooked factors can make a significant difference in your homebuying experience and long-term satisfaction with your purchase.